HOUSTON, June 11 /PRNewswire-FirstCall/ -- Hyperdynamics Corporation (NYSE Amex: HDY) today announced that it has contracted with PGS Geophysical to conduct the acquisition phase of a 3D seismic survey on its offshore block in the Republic of Guinea. Following a thorough technical and commercial review of the seven bids received in the May tender, Hyperdynamics awarded the contract to the Norwegian-based firm. The 3,500 square kilometer survey will be acquired over two separate portions of the contract area with the intention of obtaining detailed imaging of the multiple prospects which were identified from the prior 2D seismic data.
The cost of the 3D seismic data acquisition is expected to be about $21 million, and work is scheduled to begin in mid-July. Onshore support will be provided by Hyperdynamics Corporation's office located in the Guinean capital of Conakry. "The 3D survey timing keeps us on track to commence drilling of our first exploration well before year-end 2011," Ray Leonard, President and CEO of Hyperdynamics, said.
Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. To find out more, visit our website at www.hyperdynamics.com.
This news release and the Company's website referenced in this news release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding Hyperdynamics Corporation's future plans and expected performance that are based on assumptions the Company believes to be reasonable. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may result", "will result", "may fluctuate" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. A number of risks and uncertainties could cause actual results to differ materially from these statements, including without limitation, funding and exploration efforts, fluctuations in oil and gas prices and other risk factors described from time to time in the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2009. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the issuance of this news release or to reflect any change in the Company's expectations with respect to these forward-looking statements.
Dennard Rupp Gray & Easterly, LLC
Ken Dennard, Managing Partner
Jack Lascar, Partner
Anne Pearson, Sr. Vice President
SOURCE Hyperdynamics Corporation